Opec cuts likely to fall most heavily on Saudi Arabia

Members of the Organisation of the Petroleum Exporting Countries (Opec) and its Opec-plus allies agreed on 7 December to cut 800,000 b/d from their combined output from 1 January at a ministerial meeting in Vienna. It was the last meeting that Qatar will attend as an Opec member. Along with Opec members, a group of non-member states including Russia, Kazakhstan, Sudan and Mexico agreed to cut a combined 400,000 b/d, taking the total supply cut to 1.2m b/d.